PM Modi pitches India story to Japan Inc: PLI, document FDI, rising know-how

In a bid to woo Japanese investments, Prime Minister Narendra Modi on Monday met prime enterprise leaders from the Asian nation, together with Masayoshi Son of GentleBank, Osamu Suzuki of Suzuki Motor Corp and Uniqlo CEO Tadashi Yanai, to debate funding alternatives India affords in sectors starting from textiles, vehicles to rising applied sciences and startups.

Modi, who reached Tokyo on a two-day go to to attend a summit of Quad leaders on the invitation of his Japanese counterpart Fumio Kishida, held separate bilateral conferences with Japanese enterprise leaders.

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He additionally met prime executives and CEOs of 34 Japanese firms on the enterprise roundtable. Majority of those firms have investments and operations in India and these firms symbolize numerous sectors, together with vehicles, electronics, semiconductors, metal, know-how, buying and selling and banking & finance. Key enterprise our bodies and organisations from India and Japan akin to Keidanren, Japan External Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), Japan-India Business Consultative Committee (JIBCC) and Invest India additionally participated.

Stressing that India and Japan are pure companions, Modi lauded the enterprise group as “brand ambassadors of the immense potential of India-Japan ties”. According to an announcement by the Ministry of External Affairs, Modi stated through the go to of Kishida to India in March 2022, each international locations had set an formidable goal of funding of Japanese Yen 5 trillion over the following 5 years. “Prime Minister highlighted recent developments in economic ties, such as India-Japan Industrial Competitiveness Partnership (IJICP) and Clean Energy Partnership, among others. He talked about initiatives such as the National Infrastructure Pipeline (NIP), Production Linked Incentive (PLI) scheme, and semiconductor policy and highlighted the robust startup ecosystem of India,” the MEA assertion stated.

Modi famous that regardless of the slowdown in world FDI, India has attracted document FDI of $84 billion within the earlier monetary 12 months.

Children welcome Prime Minister Narendra Modi outdoors a lodge in Tokyo, Japan. (ANI)

Modi appreciated Softbank Corporation’s function in India’s startup sector throughout his assembly with Son, founder and CEO of the Japanese funding main.

“They discussed Softbank’s future participation in India in key areas such as technology, energy and finance,” the official assertion stated. Further, numerous reforms being undertaken to allow ease of doing enterprise in India have been additionally mentioned and “specific proposals were shared with Softbank where it could enhance its investments in India”, it added. During his assembly with Suzuki, the Prime Minister recalled the veteran Japanese business chief’s affiliation with and contribution to India.

“They discussed further investment opportunities in India, including setting up of production facilities for electric vehicles and batteries as well as recycling centres, for realising the goal of sustainable growth,” the official assertion stated.

Suzuki Motor Corp president Toshihiro Suzuki described Modi’s go to to Japan as “an important milestone in the 70th year of the anniversary of Indo-Japanese diplomatic relations”.

(With PTI inputs from Tokyo)